With the highest unemployment since 1982 and the staggering rate that foreclosures are increasing, flipping a house in today's market can seem like a scary endeavor. Unless you are a savvy real estate investor you would not be thinking about flipping a house or even buying one for that matter. Or would you? There are many strategies to flipping houses with no money and no credit. There are even options that don't require you to put 20% down, fix up a home, and put it back on the market. This article will discuss one of these options, assignments, which some investors call wholesaling.
Assignments, in the simplest terms is finding a property, locking it down with a contract, and then finding a buyer for the property which you can assign the contract to. The first step is, generally, finding a property at a discount, which due to the economy are currently everywhere. Then you must lock up the property with a contract. The final step is to assign the contract for that property to a buyer for a fee.
Here is an example: You find a house that has a fair market value of $100,000. Through real estate investing techniques and strategies you can learn how to find this property for $60,000. You then lock up the deal and assign the contract to a buyer for $70,000 and you make $10,000 in the middle with no money and no credit. Simple as that.
The reason that this works is that there are investors that do not have the time to look for deals and would rather pay someone to do the footwork for them. So in the example above, the seller is happy because they just sold their property, you made $10,000, and the buyer is happy because they bought a $100,000 dollar property for $70,000, having instant equity of 30%. All this is done with no money out of your pocket. I used a $100,000 for an easy example. Obviously the numbers will be different in each case, you may only make $3,000 to $5,000 on some deals or $50,000 on another, you get the idea. It all depends on how you set up each deal.
To sum it all up; you find a motivated seller and lock up the property with a contract and an assignment agreement. You then assign the contract to the buyer, receive your check at closing and move on to the next deal. To find more in depth information on assignments, how to build buyers lists, and real estate investing techniques/strategies join your local real estate investment club. There is a wealth of knowledge there. Also, network with real estate professionals (real estate agents, mortgage brokers, bankers, real estate attorneys, etc) and read real estate investing books as much as you can.
Flipping House: Strategies to make money in today's market with No Money and No Credit!
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